VROOM CARAVAN AUSTRIAVienna - May 2019
A European Startup Hotspot
Since 2014, Austria has emerged among the new breed of European startup hotspots along with Ireland, Estonia and Poland. Home to the Pioneers Festival, where more than 2,000 startups meet with hundreds investors from all over the world under the roof of the 500-yr. old Hofburg Palace in Vienna; Austria’s combination of public and private access to funding contributed to its emergence as a startup hub, particularly in the fields of IT, media and life sciences as well as creative industries.
Austrian Startup Success Stories
Austrian startups with great exits serve as beacons of inspiration. Among those that had spectacular exit is Runtastic which was established by four students at the University of Applied Sciences in Hagenberg and was acquired by Adidas in 2015 for EUR 220 million. Another successful Austrian startup is Bwin, one of the biggest online gaming provider with annual revenues in the vicinity of USD 760 million. It was founded in 1997 with 12 employees and the company now has a global workforce 3,100 people.
The number of newly founded companies in Austria has also more than doubled in the last 20 years, proof of the ecosystem maturing dramatically in the recent years. The Austrian government also passed a comprehensive startup support system in 2016 to make it more startup friendly.
We can indeed expect more great exits and startup success stories coming out of Austria in the years to come!